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Independent Study Validates Strong Consumer Confidence and Demand for Finsphere Card Protection Solution That Improves Verification and Security of Credit and Debit Card Transactions
Nov 14, 2012 (05:11 AM EST)
Vast Majority of Respondents Would Take the Card, Switch Card Providers or Use More Frequently if Solution Offered by Their Financial Institution or Jointly Through Their Wireless Carrier
BELLEVUE, Wash., Nov 14, 2012 /PRNewswire/ -- Finsphere Corporation, a leading provider of identity authentication analytics, announced today the results of an independent nationwide study where respondents resoundingly showed interest in the company's card protection solution offered to financial institutions and jointly through wireless carriers. Finsphere's patented analytics platform utilizes comprehensive mobile information as an additional, potent layer of security to more reliably authenticate credit and debit card transactions.
Nearly three quarters of the study's respondents were highly attracted to Finsphere's card protection service that utilizes information from their mobile phone to help prevent fraud. Ease of use, added security, and quicker detection of fraud were cited as powerful incentives to sign up for or switch altogether to card providers offering the service.
The quantitative online study, designed and conducted by leading market researcher Penn Schoen Berland, targeted debit and/or credit card holders in the US who own a mobile phone and who travel more than 100 miles from home at least once per year.
Key results from the proprietary study showed:
"We were thrilled with the results of this study as they clearly attest to the intense appeal for identity authentication services like the solutions Finsphere provides today to major financial service organizations in the US and the UK. A comparable survey conducted in the UK by Penn Schoen Berland earlier this year further reinforces this," said Mike Buhrmann, CEO of Finsphere. "As the only provider of patented analytics-based mobile-as-identity solutions for financial, consumer and e-commerce applications, Finsphere holds a unique position as mobile operators continue to increase their investments in big data analytics to provide value added services to their enterprise customers."
With the rate of debit and credit card fraud in the US amongst the highest around the world, the study underscores consumers increased concern and awareness of the dangers of card fraud and the demand for financial institutions to provide a reliable solution. Study results strongly affirmed that consumers would have more confidence using their debit or credit card if their financial institution offered a card protection solution like Finsphere's. With nearly 200 million debit card holders and 160 million credit card holders in the US alone, the study exposes a clear opportunity for financial institutions to attract and retain customers by providing the Finsphere card security solution.
Results from the proprietary US study are available from Finsphere.
About Finsphere Corporation
About Penn Schoen Berland
SOURCE Finsphere Corporation